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    DirecTV drops bid for Brazil Internet firm

    One UBS analyst said buying GVT would raise DirecTV’s debt level.
    Damian Dovarganes/AP/2007
    One UBS analyst said buying GVT would raise DirecTV’s debt level.

    Shares of satellite broadcaster DirecTV rose after the company said it has dropped out of the bidding for Vivendi GVT, a Brazilian phone and Internet company. French conglomerate Vivendi SA had hoped to sell the unit for at least $9 billion, according to reports. Like other satellite companies, DirecTV is hamstrung by its inability to offer fast, cheap broadband service over cable or phone lines.

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